by Tim Price
Japan got there first. 15 years ago, we met a Japanese equity manager who made an astonishing prediction:
“Japan was the dress rehearsal. The rest of the world will be the main event.”
That seemed an extraordinary suggestion 15 years ago. Today, not so much.
In the aftermath of the late 1980s real estate and stock market bubble, and its subsequent banking crisis, Japan became a giant laboratory experiment for novel insane monetary policies.